S. 2459: Know Before You Owe Federal Student Loan Act of 2014

113th Congress · introduced 2014-06-10 · Education · Latest: Sponsor introductory remarks on measure. (CR S3596-3597)

federal

Follow this bill, step by step

Where it came from: introduced 2014-06-10 · official record
Who proposed it: Sen. Grassley, Chuck [R-IA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Sponsor introductory remarks on measure. (CR S3596-3597) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Know Before You Owe Federal Student Loan Act of 2014

Plain summary

Know Before You Owe Federal Student Loan Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require institutions of higher education (IHEs) to provide pre-loan counseling at or prior to the first disbursement of a new loan to a student borrower under the William D. Ford Federal Direct Loan program. (Currently, such counseling is limited to students who are first-time borrowers of such loans.) Adds to the information to be provided to students as part of such counseling: an estimate of their projected loan debt-to-income ratio upon graduation and their estimated total student loan debt, calculated for their particular program of study; a statement that they should borrow the minimum amount necessary to cover expenses; information about the default risk of having a projected loan debt-to-income ratio greater than 12%; options for reducing borrowing through scholarships, reduced expenses, work-study, or other work opportunities; and an explanation of the importance of graduating on time and of how adding an additional year of study impacts total indebtedness. Requires each IHE, prior to certifying a Federal Direct Loan for disbursement to a student borrower, to ensure that the student manually enters, either in writing or through electronic means, the exact dollar amount of such loan that the student desires to borrow.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Know Before You Owe Federal Student Loan Act of 2014

Source: Congressional Research Service summary (Introduced in Senate)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Grassley, Chuck [R-IA] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Sen. Grassley, Chuck [R-IA] reported raising $527,998 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-113s2459.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/s>

Record fed-us-cong113-s2459 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113